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#Finale 2014 manual software
The software enables users to easily come up with advanced music sequences, thus being suitable for songwriters, students, or band leaders. Portions of the salaries expense account of a business are shown below.Finale PrintMusic is a handy application aimed at all those interested in learning music notation or in composing their own music. Journalize the complete entry from which each numbered posting was made.ĮX B-4 Entries posted to the salaries expense account Indicate the nature of the entry (payment, adjusting, closing, reversing) from whichī. Portions of the wages expense account of a business are shown below.Ī. Accrued fees earned but not recorded at June 30, $25,000.ĮX B-3 Entries posted to the wages expense account Wages are uniformly $66,000 for a five-day workweek, ending on Friday. On the basis of the following data, (a) journalize the adjusting entries at June 30, theĮnd of the current fiscal year, and (b) journalize the reversing entries on July 1, the firstġ. Accrued fees earned but not recorded at December 31, $51,300. Last payday of the year was Friday, December 26.Ģ. Sales salaries are uniformly $11,750 for a five-day workweek, ending on Friday. The end of the current fiscal year, and (b) journalize the reversing entries on January 1,ġ. On the basis of the following data, (a) journalize the adjusting entries at December 31, Reversing entries may be useful in avoiding errors. Systems, data entry employees often input routine accounting entries. The use of reversing entries is optional. NetSolutions’ accrued fees earned as of December 31, 2013, is as follows: Used for accrued revenues (accrued assets). In addition to accrued expenses (accrued liabilities), reversing entries are also Reversing entries are shown on the next page. Wages Payable and Wages Expense after posting the adjusting, closing, and This is the wages expense for the period January 1–10, 2014. When the payroll is paid on January 10, the following entry is recorded:Īfter the January 10 payroll is recorded, Wages Expense has a debit balance of However, because of its unusual nature, an explanation is written under The nature of the $250 is unchanged-it is stillĪ liability. The preceding reversing entry transfers the $250 liability from Wages Payable to For example, the reversing entryįor the accrued wages expense would be recorded on January 1, 2014, as follows: Reversing entry as of the first day of the next period. This chance of error is reduced by recording a Payroll must refer to the December 31, 2013, adjusting entry or to the ledger to determine the amount to debit Wages Payable.īecause the January 10 payroll is not recorded in the normal manner, there is a This means that the employee who records the January 10 To record the January 10 payroll correctly, Wages Payable must be debited for Without recording a reversing entry, the payment of the $1,275 payroll on January Payable will have a credit balance of $250 as of January 1, 2014. However, since Wages Payable is a liability account, it is not closed. Wages Payable will haveĪ credit balance of $250, as shown on page B-3.Īfter the closing entries are recorded, Wages Expense will have a zero balance. The adjusting entry for the accrued wages of December 30 and 31 is as follows:Īfter the adjusting entry is recorded, Wages Expense will have a debit balance of Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Editorial review hasĭeemed that any suppressed content does not materially affect the overall learning experience. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). May not be copied, scanned, or duplicated, in whole or in part. These data are summarized in Exhibit 1.Ĭopyright 2012 Cengage Learning. Reversing entries are illustrated by using the accrued wages for NetSolutions The adjusting entry, but the debits and credits are reversed. As the term implies, a reversing entry is the exact Using a reversing entry, however, simplifies the analysis and recording of the first Wages Expense must also be debited for only that portion of the payroll that is an Without using a reversing entry, Wages Payable mustīe debited for the accrued wages at the end of the preceding period. To illustrate, an adjusting entry for accrued wages expense affects the first payment
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Used to simplify the recording of the next period’s transactions. Transactions that occur in the next period. Some of the adjusting entries recorded at the end of the accounting period affect